The Austrian skydiver and extreme athlete Felix Baumgartner hopes to take the leap of his life on Tuesday, when he attempts the highest, fastest free fall in history. If he survives, "Fearless Felix" could be the first skydiver to break the sound barrier. If he doesn't, a tragic fall could be live-streamed on the Internet for the world to see.

The 43-year-old former military parachutist is scheduled to jump from a balloon-hoisted capsule 23 miles (37 kilometers) above Roswell. He wants to break a record that was set in 1960 by Joe Kittinger, who jumped from an open gondola at an altitude of 19.5 miles (31km). Kittinger's speed of 614mph was just shy of breaking the sound barrier.

Baumgartner, who has been preparing for the jump for five years, has made two practice jumps in the Roswell area, from 15 miles (24km) in March and 18 miles (28.97km) in July.

While he and his team of experts recognize the worst-case scenarios – including "boiling" blood and exploding lungs – they have confidence in their solutions. NASA is watching closely, as the space agency is interested in the potential for escape systems on future rocket ships.

Baumgartner's top medical advisor is Dr Jonathan Clark, a former NASA flight surgeon whose wife, Laurel Clark, died in the space-shuttle Columbia accident in 2003. Clark is dedicated to improving astronauts' chances of survival in a high-altitude disaster.

The team's No1 fear is a breach of Baumgartner's suit, which could cause potentially lethal bubbles to form in his bodily fluids, a condition known as boiling blood. There are is also the risk that he could spin out of control, causing other problems.

The venture is being sponsored by the energy-drink maker Red Bull. Organizers say that 30 video and still cameras will record the jump, including five attached to Baumgartner's pressure suit.

Red Bull has been promoting a live internet stream of the event, which will come from all cameras except those on Baumgartner's body. Organizers said there would be a 20-second delay in their broadcast, in case of accident.

Whether Baumgartner can make what he vows will be his final jump at all will depend on the weather. A cold front that brought winds to the area at the weekend prompted the jump to be moved from Monday to Tuesday.

Baumgartner's team remain optimistic, however, about getting the mission off the ground.

"From what we are looking at so far, we are on schedule [for Tuesday]," meteorologist Don Day said at a media briefing Sunday.

Weather permitting, Baumgartner will be lifted into the stratosphere around 7am MDT by a helium balloon that will stretch 55 stories high. Once he reaches his target altitude, he will open the hatch of his capsule and make a gentle, bunny-style jump. Any contact with the capsule on his exit could break open the pressurized suit that will protect him from temperatures as low as -70C and a lack of oxygen. He hopes to reach a speed of 690mph, in order to break the sound barrier.

Baumgartner, who has made more than 2,500 jumps from planes, helicopters, landmarks and skyscrapers over the past 25 years, says that this jump will be his last. He says he plans to settle down with his girlfriend and fly helicopters on mountain rescue and firefighting missions in the US and Austria.